The post Ripple vs SEC Lawsuit Update: XRP Lawsuit Nears Final Stages Amid New Legal Motions appeared first on Coinpedia Fintech News
After more than three years, the Ripple vs. SEC case is approaching the final stages of its process. Presiding Judge Analisa Torres is constantly reviewing various motions, with the latest one from Ripple being a reply letter in further support of its motion to seal documents in connection with the SEC’s motion for judgment and remedies.
However, Ripple’s huge XRP holdings remain a major stumbling block as the US SEC continues to argue that the monthly sales are predominantly securities sales. In retrospect, the Ripple community narrowly avoided a bombshell from the SAB21 bill that President Joe Biden vetoed.
Moreover, the bill argued that crypto projects with single investors holding more than 20 percent of the total supply make the digital asset fall under security, not a commodity like Bitcoin.
What Next for Ripple vs SEC Case After Terra Settlement
The US SEC has been forced to absorb several blows after losing several crypto cases, led by the recent Debt Box case. According to a popular Web3 and crypto lawyer alias MetaLawMan on the X platform, the recent settlement between the US SEC and Terraform Labs, together with Do Kwon, is good for the crypto industry.
The reported settlement between the SEC & Do Kwon is good news.It means that either the @Ripple case or the @Coinbase case (on possible interlocutory appeal) is likely to be the first case to get to the 2nd Circuit Court of Appeals to address the legal status of crypto assets. https://t.co/qh7Qv5HOhw
— MetaLawMan (@MetaLawMan) June 3, 2024
The crypto lawyer argued that there is a high chance that the Ripple or Coinbase case will get to the 2nd Circuit Court of Appeals to address the legal status of crypto assets.
Market Picture
Ripple-backed XRP is gradually slipping from the top-tier crypto projects despite registering an impressive performance in recent quarters, as depicted by Messari’s report. The large-cap altcoin, with a market valuation of about $55 billion and a daily average traded volume of around $1.2 billion, has consolidated around $0.52.
From a technical standpoint, if XRP buyers do not defend the current support level, the instrument will drop as much as 32 cents, which coincides with the 1.618 weekly Fibonacci Extension.